Email Money Transfer

An email money transfer (EMT) refers to the method of sending and receiving money using a person’s email address. Participating banks notify individuals of their incoming funds via email, before delivering the money through a secure fund transfer network. Operating predominantly in Canada - where it is known as an Interac E-transfer - this form of instant money transfer is growing in popularity, but is it secure? In this guide we dissect the specifications and requirements.

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It’s not hard to think of circumstances which require individuals to send and receive money instantly. Whether it is paying for goods or services, splitting costs or receiving money from multiple sources, an email money transfer is easy and efficient. All you need is the name and email address of the person you want to transfer money to. Bank details and other personal information is not required, simplifying the process.

What is an email money transfer?

This type of money transfer allows users to send funds between personal accounts in conjunction with their email and online banking. The service is considered secure as recipients are notified of the incoming money transfer exclusively through email. Although each party is sent an email notification, the money is actually delivered via traditional fund transfer networks used by banks, making this a safe and secure process. It is only the instructions, which outline how to deposit and retrieve the funds, that are sent via email. The money is sent separately.

How does an email money transfer work?

Sending an email money transfer

Step 1. Log into your online banking, selecting the “send money” via email money transfer (EMT or Interac E-Transfer) and the account you want to transfer from.

Step 2. Choose the recipient from your existing contacts or enter their email address, followed by the amount you want to send them.

Step 3. Enter a security code or answer a question. If the recipient has auto-deposit enabled, you will skip this step.

Step 4. Write a message, referencing the reason for this email money transfer.

Step 5. Review your transfer and, if you are happy with the information, select “send money.” An email receipt will be issued upon completion.

Receiving an email money transfer

Step 1. You will receive an email notifying you of the incoming money transfer. If you have other notifications activated you may also receive a text message.

Step 2. Follow the onscreen instructions which will prompt you to complete the security question(s) or enter the code.

Step 3. Deposit the money into your chosen bank account.

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How fast is an email money transfer?

The speed of an email money transfer is determined by the designated bank, but it is often an immediate delivery. As soon as the payee receives the email and completes the security requirements, the funds will reflect in the recipient’s bank account. Should the recipient not claim the money transfer within the allotted time outlined by the banking institution, the money will be retrieved and returned to the sender. However, it is not possible to stop the email money transfer once sent.

How much does an email money transfer cost?

Email money transfers are free of charge for anyone with an email address and an active bank account.

How safe is an email money transfer?

The primary security protocol employed by banks to protect customers’ money are the security questions entered when setting up an email money transfer. For this reason, it is crucial that both parties know the corresponding question, and that the answer isn’t common knowledge or easily guessed. While many individuals choose to enable “auto-deposit” for email money transfers, removes the security blockade, immediately releasing the funds, making it less secure.Find out how to securely Send Money Online using our comprehensive guide.

Concerns for the safety of email money transfers have surfaced as a result of fraudulent interception which has allowed money to be transferred to the wrong recipient. Email money transfer providers continue to counteract these incidents by introducing elevated cybersecurity measures such as two-step authentication.

Security measures: the more the merrier. MoneyTransfers would recommend taking advantage of multiple security measures and enabling multifactor authentication where possible, especially when transferring large sums of money.

Most used email money transfer providers

Interac e-Transfer

Originators of the email money transfer service, Interac Corp is one of Canada’s most trusted financial service providers, their Interac E-Transfer service used by millions on a daily basis. Interac Corp pioneered the interbank network now used to facilitate the transfer of funds between domestic banks. Almost every Canadian bank and credit union profits from the Interac network, with corporations in North America, APAC and Europe keen to establish a similar system.


As one of the best known online payment services, PayPal grants users the option to send money to anyone with an email address. As with other PayPal transfers, this form of payment usually takes 1 business day to appear in the recipient's account, but this depends on the bank in question’s clearing process. Learn how to transfer money with PayPal here.

Google Pay

Google Pay introduced Gmail money transfers as a way of giving customers the option to send and receive payments direct to their inbox. Gmail money transfers are as easy to compose as a normal email message, with the “send money” option displayed along with other attachments.

Individuals must have an active Google Pay account to take use this service.


This money transfer giant offers a global email money transfer service for those moving funds between Wise customers. This service is not a traditional email money transfer. Customers are given the option to use a payee’s email address to initiate payment and the company uses this email information to locate the recipient’s Wise account and notify them of the incoming payment. This service is not available to customers in certain territories, or anyone trying to send USD to a bank account outside of the U.S.


Emailing money transfers are an excellent solution for anyone looking to send or receive money instantly, without having to worry about bank account information. This type of money transfer is best suited to individuals who are well-versed in online banking and sending mobile payments. While this service is not offered by banks outside of Canada, there are specialist money transfer companies who currently offer this option, as well as many who intend on introducing this function. Due to the successful adoption of this money transfer service in Canada, we anticipate it won’t be long until EMT networks are established around the globe. Use our comparison engine to find the best rates for your email money transfer.

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Article Factchecked by Elliot Laybourne on 20th July 2022: Elliott is a former investment banker with a 20 year career in the city of London. During this time he held senior roles at ABN Amro, Societe Generale, Marex Financial and Natixis bank, specialising in commodity derivatives and options market-making. During this time, Elliott’s client list included Goldman Sachs, JP Morgan, Credit Suisse, Schroders Asset Management, and the Pennsylvania State Public School Employees Retirement System, amongst others.
April Summers
April Summers
April is a trained journalist and the Content Editor for She has 10 years experience writing about a diverse range of subjects, from financial services to arts and entertainment. When she's not writing about global remittances she can be found daydreaming about her next holiday abroad.